The Australian Securities and Investments Commission (ASIC) has published its new enforcement priorities for 2026, which remain focused on protecting consumers from financial harm and reflect evolving market and consumer risks. These priorities provide a critical roadmap for managing compliance risks, helping businesses anticipate where enforcement will be concentrated and prepare proactive strategies.
Announced on 13 November 2025, ASIC’s key areas of focus for the year ahead include private credit practices, financial reporting misconduct, insurance complaints and claims handling, misleading pricing practices and holding super trustees to account for member services failures.
ASIC Deputy Chair Sarah Court highlighted that over the past year, the regulator has doubled the number of new investigations and nearly doubled the number of new cases filed in court. She also drew attention to ASIC’s recent actions against ANZ, which remain before the Federal Court. ANZ has admitted to serious misconduct in its role as duration manager for a significant bond issuance by the Australian Government. The regulator intends to seek penalties of $240 million in relation to the proceedings.
In response to the case, the Deputy Chair highlighted that no matter how big an entity’s compliance manual or team is, it won’t matter “if poor conduct and breaches of company policy are not immediately called out”.
Overview of ASIC’s 2026 enforcement priorities
- Misleading pricing practices impacting cost of living: ASIC will continue to protect consumers against practices making everyday costs harder for Australians. This priority is unsurprising in the context of continued cost of living pressures and is likely to impact all sectors, including major banks, insurance companies, credit providers and superannuation trustees. Conduct under ASIC’s scrutiny could include, for example, not misleading customers about premium renewal increases and getting interest rates right.
- Poor private credit practices: The Deputy Chair indicated that this priority comes following ASIC’s private credit fund surveillance report, which highlighted significant room for improvement in the sector, and is intended to “send a message to the rapidly expanding private credit sector to get its governance right.”
- Financial reporting misconduct (including failure to lodge financial reports): ASIC has already launched a surveillance focused on non-lodgement of financial reports by large proprietary companies and expects this to be complete in 2026.
- Misconduct exploiting consumers facing financial difficulty: Protecting the most vulnerable consumers is an enduring enforcement priority for ASIC.
- Continuing work to hold those responsible to account for the collapse of the Shield and First Guardian Master Funds: The Deputy Chair noted that ASIC has been “focused on returning available money to investors and the next stage is holding those responsible to account.” So far, the regulator has commenced 10 separate Federal Court proceedings against 18 defendants and has indicated there will be more to come.
- Claims and complaint handling failures by insurers: ASIC will continue its focus on the insurance sector in circumstances where premiums and claims are on the rise.
- Unlawful practices seeking to evade small business creditors: The Deputy Chair noted that ASIC recognises small businesses as the ‘lifeblood of the economy’ and that owners are frustrated when directors are not held accountable for evading creditors and failing to pay their bills. The regulator has tasked two additional enforcement teams to focus on these issues in 2026.
- Holding super trustees to account for member services failures: Failures to appropriately handle claims were the focus of ASIC’s recent action against CBUS for failures to process death and TPD (total and permanent disablement) claims in a timely manner, breaching its obligation to act efficiently, honestly and fairly.
- Strengthening investigation and prosecution of insider trading conduct: Work in this area was a priority for ASIC in 2025 and will continue into 2026, given the impact of such conduct on Australians’ share market and super fund investments.
- Auditor misconduct: Recognising the important protective role of auditors, ASIC will continue its work to ensure that auditors meet required standards.
Enduring priorities that remain in 2026
In addition to the new priorities for 2026, ASIC will maintain its focus on the following areas:
- misconduct damaging market integrity, including insider trading, continuous disclosure breaches and market manipulation
- misconduct impacting First Nations people
- misconduct involving a high risk of significant consumer harm, particularly conduct targeting financially vulnerable consumers
- systemic compliance failures by large financial institutions, resulting in widespread consumer harm
- new or emerging conduct risks within the financial system
- governance and directors’ duties failures.
Implications for businesses
ASIC’s 2026 enforcement priorities signal several practical implications for organisations operating in the financial services, credit, superannuation, insurance and private capital sectors. Areas include:
- pricing transparency and fairness: If you offer financial products or services where cost of living pressures are relevant (such as consumer credit, insurance or payment services), consider reviewing pricing models, disclosures and customer communications
- private credit and non-traditional lending: Companies in this space should assess their policies, procedures and training of compliance teams, with governance, disclosure, investor protection and risk to consumers kept front of mind
- financial reporting: Businesses should ensure robust financial reporting, timely lodgement, accuracy and disclosure of risks
- insurance and insurance-type products: Insurers and financial services firms offering insurance-type products should review their complaints handling and claims practices to ensure they are in line with industry best practice
- superannuation: Trustees should review member service frameworks, internal controls and governance structures to ensure services are provided efficiently, honestly, and fairly, in line with industry best practice
- audit firms: Auditors should ensure their governance and quality control processes are best practice and meet the industry standard.
How can businesses prepare for 2026
The Deputy Chair has signalled ASIC’s growing enforcement momentum, with 2025 seeing more investigations, actions and stronger outcomes. We expect this active enforcement to continue in 2026, particularly in relation to systemic compliance failures by large institutions. In this environment, businesses should:
- keep documentation and compliance evidence up to date. In the event of an ASIC investigation, businesses need to demonstrate they are aware of the relevant risks, have assessed them, and have taken reasonable steps to mitigate them
- train compliance teams to spot issues early and escalate matters where appropriate.
As highlighted in the ANZ proceedings, relying solely on having documented policies and procedures and skilled compliance teams is not enough to avoid enforcement action – the regulator will call out poor conduct and breaches of company policy.
If you have any questions or need assistance assessing your business’ risk exposure under ASIC’s 2026 enforcement priorities, please contact us here.
Disclaimer
The information in this article is of a general nature and is not intended to address the circumstances of any particular individual or entity. Although we endeavour to provide accurate and timely information, we do not guarantee that the information in this article is accurate at the date it is received or that it will continue to be accurate in the future.
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